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The phrase "sponsor of" is correct and usable in written English.
You can use it in formal writing when you want to refer to the individual or entity responsible for the funding or support of an event, program, or organization. For example: The local bank was the sponsor of the annual community festival.
Exact(59)
He's a sponsor of terrorism.
The Observer is a sponsor of Meltdown.
He is a sponsor of terrorism.
We're not a sponsor of Augusta".
It is the principal sponsor of Hizbullah.
"I go to the sponsor of the bill.
This is the world's largest sponsor of -- of terrorism.
The Independent is media sponsor of the People's Choice award.
(The university is a corporate sponsor of The Texas Tribune).
(Yahoo, another client, was also a sponsor of the team).
(U.T.M.B. is a corporate sponsor of The Texas Tribune).
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com